In FY22, the company had registered a net loss of Rs 203 crore.
For FY23, the company also saw its overall revenues rise to Rs 828 crore, while total credit disbursals for the MSME lender grew 44% and stood at roughly Rs 3,959 crore for the fiscal. With its core-business back on track, the company is looking to launch an SME credit card and focus on personal loan products, even as it looks to raise more equity capital towards the last quarter of this year, Lunia added.
Interestingly, almost 80% of Lendingkart’s books (or Rs 3,169 crore) in FY23 was generated through its co-lending and co-origination software platform 2gthr, which it launched in November 2020, showing a shift in lending models for Indian credit fintechs.
“I think colending is very well settled and established. 80% of our portfolio is priority sector lending so we have a lot of our banks and financial partners lining up to build their portfolio. Almost 75%-80% of our portfolio also gets covered under central government guarantee schemes, he said.